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MR. LYONS AGREED THAT THE NUMBERS THAT WERE IN EFFECT THEN LOOKED EVEN GREATER, EVEN THOUGH THE COST ON THE BANS WOULD HAVE BEEN WAY UP. HE NOTED THAT THE MARKETS ARE CHANGING SO QUICKLY TODAY THAT IT IS VERY HARD TO PREDICT. HE GUESSED THAT TODAY THE BAN COST WOULD BE CLOSE TO 5-1/2%. COORDINATOR THOMAS FELT ONE OTHER THING THE BOARD WOULD LIKE TO KNOW IS TO WHAT EXPENSE THE COUNTY WOULD BE PUT IF THEY WENT AHEAD, AND THEN WHEN WE GOT READY TO ISSUE, FOUND THAT THE MARKET WAS NOT ACCEPTABLE. MR. DOBBS STATED THAT IF NO NOTES WERE ISSUED, YOU WOULD HAVE NO UNDERWRITER S EXPENSES OR BOND COUNSEL EXPENSES. YOU WOULD HAVE A CERTAIN AMOUNT OF LEGAL EXPENSES WHICH YOU WOULD INCUR FOR YOUR OWN COUNSEL, BUT YOU WOULD HAVE THIS IN ANY EVENT. MR. DOBBS STATED THA'r THEY CERTAINLY WOULD HAVE SOME OUT-OF-POCKET EXPENSES, BUT IT WOULD NOT BE A GREAT AMOUNT OF MONEY - PROBABLY A FEW THOUSAND DOLLARS. COMMISSIONER LYONS ASKED HOW DO WE KNOW WHO TO DEAL WITH TO GET THE BEST DEAL. MR. DOBBS EXPLAINED THAT YOU ARE DEALING WITH A NEW COMPLICATED TYPE OF FINANCING. IF YOU WERE ISSUING JUST INDIAN RIVER COUNTY GENERAL OBLIGATIONS BONDS, HE BELIEVED -THERE WOULD-BE NO MORE THAT SMITH BARNEY COULD DO FOR THE COUNTY THAN MANY OTHER FIRMS, BUT YOU ARE LOOKING AT A VERY COMPLICATED TYPE OF FINANCING AND IT TAKES SOME INNOVATIVE KNOW-HOW. SMITH BARNEY IS ONE OUT OF ONLY THREE OR FOUR FIRMS WHO HAVE DONE THIS. HE STATED THAT WHEN YOU GO INTO THIS TYPE OF FINANCING WITH A REVENUE SOURCE SUCH AS WE HAVE HERE, IT IS NOT THE KIND OF THING WHICH LENDS ITS€LF TO A COMPETITIVE s BID SITUATION. MR, DOBBS CONTINUED THAT THEY HAVE BEEN IN BUSINESS 107 YEARS; THEY ARE DOING BUSINESS ALL OVER THE STATE OF FLORIDA; AND THEY HAVE A FINE TRACK RECORD TO FALL BACK ON, HE STATED THAT HE COULD NOT SAY THAT SOMEONE ELSE MIGHT NOT SAY THEY COULD DO IT CHEAPER, BUT THEY MIGHT NOT HAVE THE KNOW-HOW TO DO IT. 63 JUN 4 1980 OO .43 pAtt 665